Andreas Antonopoulos: Text Phone, Bank

Posted by admin on Monday, January 2, 2017

Andreas Antonopoulos Money Quote saying in his book ‘Internet of Money’ that the rapid expansion of Fintech to rural areas will lead to economic growth in rural areas without a bank. Andreas Antonopoulos said:
 
a simple text-messaging phone in the middle of a rural area in Nigeria, connected to a solar panel, into a bank terminal? Into an international loan-origination system? A stock market? An IPO engine? Quote
 

“What do you think happens when you suddenly are able to turn a simple text-messaging phone in the middle of a rural area in Nigeria, connected to a solar panel, into a bank terminal? Into an international loan-origination system? A stock market? An IPO engine?” — Andreas Antonopoulos

 

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In this quote, Andreas Antonopoulos seems to be highlighting the potential transformative impact that new technologies like Bitcoin could have in developing parts of the world. Some key points:

  • He describes how a basic mobile phone connected to a solar panel in a rural area could suddenly be used for much more through these technologies.
  • Antonopoulos suggests it could function as a bank terminal, allowing people to store and transfer money digitally.
  • It could also enable taking out international loans and participating in stock markets and initial public offerings.
  • This implies technologies like Bitcoin could help unbanked communities gain access to important financial services by turning existing mobile infrastructure into powerful banking and investment tools.

Overall, the quote conveys Antonopoulos’ view that these technologies hold promise to dramatically improve financial access and economic opportunities in developing regions by leveraging ubiquitous mobile networks.

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